Nigerian naira depreciates in both parallel and official foreign exchange markets, impacting rates quoted by Bureau de change operators and FMDQ Exchange. Fitch Ratings projects further decline to N1,450/$ by year-end, contingent on ongoing FX reforms and reduced volatility expectations by Q3 2024.
In recent trading, the Nigerian naira experienced depreciation across various FX markets. At Lagos street markets, bureau de change operators quoted the naira at N1,485/$, marking a N5 decline from earlier rates. Meanwhile, on the FMDQ Exchange, the naira weakened by 0.44%, reaching N1,482.72/$.
Trading saw the dollar fluctuate between highs of N1,490/$ and lows of N1,390/$, with a total turnover of $183.47 million. This shift widens the gap between official and parallel market rates to N2.28. Fitch Ratings projected further naira depreciation, estimating it could reach N1,450/$ by year-end, contingent upon ongoing FX reforms and anticipated reduced volatility by Q3 2024.
